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ADJUSTABLE RATE RIDER (I Year Treasury IDlIex - Rale Ca..) THIS ADJUSTABLE RATE RIDER is made Ihis ....?oJ.t!.. day of ...............~!:I.8HR.~................... 19 .~.?.... and is incorporaled inlo and shall be deemed 10 amend and supplemenl Ihe Morlgage. Deed of Trust or Security Deed (the "Securily Instrumen!") of Ihe same dale given by Ihe undersigned (Ihe "Borrower") to secure Borrower's Adjustable Rale Note (the "Nole") to .......Wg.:r.w!'!:'t',t,J~;;!!'1-.\';..~.'?h~.?!!)f;?......~~!;.:!-.9.!'1-.?.L.M,;.!!g.~;I,~.U!?.~..... .......,........................... .............................................................................. (Ihe "Lender") of the same date and covering the property described in the Securily Instrument and localed at: 88- 104307 ................I.B21..W.~llt...LR.\l;i,Il.'i\....g.J::H>>.Il..I.Il.l..<lTlg.,...lJ'.~,Jl};.l;\llkl;\..R.~!lR.L..............,...................................................... (Property Address] THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE UMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BOR- ROWER MUST PAY. ADDITIONAL COVENANTS. In addition 10 Ihe covenants and agreements made in the Security Instrument. Borrower and Lender further covenant and agree as follows: A. INTERFST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial inlerest rale of ..7..:.?9.......%, The NOle provides for changes in the inlerest rate and the monthly payments. as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dales The interesl rale I will pay may change on the first day of .........?~.P.!;~!:!~;r;.................. 19...!}2... and on that day every 12th month Ihereafter, Each date on which my interest rale could change is called a "Change Date.N ( B) The Index Beginning wilh the first Change Date. my interest rale will be based on an Index. The "Index" is the weekly average yield on Uniled Slates Treasury securities adjusted to a constant maturily of I year. as made available by Ihe Federal Reserve Board, The most recent Index figure available as of Ihe date 45 days before each Change Date is called the "Current Index, ,,** If the Index is no longer available. the Note HQlder will choose a new index which is based upon comparable information, The Note Holder will give me notice of this choice. (C) Caleulalion of Chaoges Before each Change Dale. the Note Holder will calculate my new interest rate by adding ....Iw.c:l...aml...t1u'i\...... ,.half......................... percentage points (....2..50....%) !o the Current Index. The Note Holder will then round the result of this addition to the nearesl one-eighth of one percentage painl (0.125%). Subject to the limits staled in Section 4(0) below. this rounded amount will be my new inlerest rate until the next Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected 10 owe at the Change Date in full on the maturity dale at my new interest rate in substantially equal paymenlS, The result of this calculation will be the new amount of my monthly payment. ( D) Limits on Inleresl Rale Changes The interest rate I am required to pay at the firs! Change Date will not be greater than .....9..t,:HL...........% or less than ....5~5.Q..............%. Thereafter. my interest rate will never be increased or decreased on any single Change Date by more Ihan two percentage poinls (2.0%) from the rate of interest I have been paying for the preceding twelve mont!1s. My interest rate will never be greater than ...llA5.U...... %, (E) EfI'ec:liwe Dale of Changes My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly pl!!yment beginning on the first monthly payment date after the Change Date unlil the amount of my monthly payment changes again. (F) NOlice of Changcs . The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my mon.thly payment before the effective dale of any change. The notice will include information required by law to be given me and also the tille and telephone number of a person who will answer any question I may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Uniform Covenant 17 of the Security Instrument is amended to read as follows: Transfer of !he Properly or a Benelldallnlerest in Borrower. If all or any pari of the Property or any interesl in il is sold or transferred (or if a beneficial inlerest in Borrower is sold or transferred and Borrower is not a natural person) without lender's prior wriuen consent. lender may. at its oplion. require immediate payment in full of all sums secured by this Security \;tslrument. However, this option shall nol be exercised by lender if exercise is prohibited by federal law as of Ihe date of Ihis Security Instrument, Lender also shall not exercise this option if: (a) Borrower causes to be submitted 10 Lender information required by le'lder to evaluale the intended transferee as if a new loan were being made to the Iransferee; and (b) lender reasonably determines that lender's security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in Ihis Security Instrumenl is acceptable to Lender. **!he Inde" figure available as of the date the initial inter:sl rate was determined for this loan was ......Z.,/,!.O...... 070. MlA.TlSTATE ADJUSTABLE RATE RIDER-ARM 5-2-S,ngle Fam,ty-flnnle ...., FreGall Mec UOIlorm Inllrumlnl Form 3111 3 85 NC r2280i..ND(J.81.4406J